Maria is a resident Citizentaxable period:2021 Gross salesphp 2,500,000other operating income200,000non-operating income100,000cost of sales1,000,000operating expenses500,000Non operating expenses50,oooCompute for the 2021 net taxable income using optional standard deduction (OSD). show computation1,500,0001,620,0001,720,0001,800,000

Taxable income: It implies to the income of the taxpayer that is subjected to the tax charge or on…

Answered: Maria is a resident Citizen taxable…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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PURELY COMPENSATION INCOME EARNER Instructions: 1. Download BIR Forms 1700 AND 2316 Version 2018 at www.bir.gov.ph. Compute the income tax payable, if any. Relevant information: YOU, single and a Filipino citizen, and a resident of Brgy. Talipapa, Quezon City is employed by PA-MINE Corp. located in N. Reyes St., Sampaloc, Manila for the calendar period 2021. During your employment, PA-MINE Corp. was able to apply for your TIN where BIR RDO No. 032 – Manila assigned you Taxpayer Identification No. 123-456-789-0000. PA-MINE Corp.’s TIN No. is 987-654-321-0000. Additional information: Your basic salary is Php 30,000 per month In addition to your basic pay, you received the following: Holiday pay – Php 10,000 Hazard pay – Php 20,000 Overtime pay – Php 20,000 Fixed transportation allowance – Php 10,000 Cost of Living Allowance – Php 20,000 13th month pay – Php 30,000 Other benefits – Php 20,000 De minimis benefit of Php – 20,000 PA-MINE Corp. has deducted the following…
What is the monthly tax due? A. P513.00 B. P806.42 C. P6,160 D. P9,677
An investor has a taxable income of $125997. He has an investment property which earns $21780 in rental income and incurs $35782 in expenses, including maintenance, local council rates, land tax and interest on a mortgage loan. What is his total income tax payable (excluding the 2% Medicare surcharge)? a. $23865 b. $26865 c. $24865 d. $27865
Maureen Smith is a single individual. She claims a standard deduction of $12,000. Her salary for the year was $134,750. What is her taxable income? a. $105,698 b. $120,620 c. $122,750 d. $121,863 e. $129,324
The following information appeared in the 2020 BIR Form 2316 (Certificate of Compensation Payment/Tax Withheld) of Angelou, a purely compensation income earner: Gross compensation income - Php 400,000.00 13th month pay and other benefits 40,000.00 Amount of taxes withheld (by the employer) 30,000.00 Commission 50,000.00 Pagibig contributions 10,000.00 Philhealth contributions 10,000.00 SSS 10,000.00 Union dues…
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Reyes earns purely compensation income for the year 2021 with an annual basic salary of Php480,000.00 and other compensation received as follows: Holiday, OT and Night Differential Pay – Php56,091.95 Sick leave conversion (3 leave credits) – Php5,517.24 Government Mandatory Contributions – Php21,900.00 How much is the total non-taxable income for the year 2021? How much is the total taxable income for the year 2021? How much is the income tax due for the year 2021?
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Justin received all of the following compensation for the year 2021: Basic Salary Php 258,000 Mandatory deductions 21,600 Withholding Taxes 14,000 Position Allowance 36,000 Overtime Pay 27,000 De minimis benefits 22,000 13th month pay 10,000 Total non-taxable benefits Php 70,600 How much is the Taxable compensation tax: a. 258,000 b. 388,600 c. 318,000 d. None of the Choices e. 328,000
The taxpayer is a resident citizen and the taxable period is 2021. Compute for the GROSS income provided the following: Gross sales amounting to 2,500,000; sales discounts amounting to 130,000; senior citizems discount (20%) granted amounting to 160,000; cost of sales amounting to 1,000,000; operating expenses (including repairs) amounting to 500,000 and repairs for PWD facilities amounting to 150,000. 870,000 1,030,000 1,210,000 1,370,000
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Maria is a resident Citizen Taxable period 2021 Gross Sales php 2,500,000 Other operating income 200,000 non operating income 100,000 cost of sales 1,000,000 operating expenses 500,000 non operating expenses 50,000 What is thr NET TAXABLE INCOME using ITEMIZED deductions. Show computation 1,150,000 1,200,000 1,250,000 1,300,000

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taxable period:2021
Gross sales	php 2,500,000
other operating income	200,000
non-operating income	100,000
cost of sales	1,000,000
operating expenses	500,000
Non operating expenses	50,ooo